What is Generation Z or Gen Z?
Generation Z, or Gen Z, refers to the generational group born between the late 1990s and early 2010s. Research shows that this group constitutes one of the largest generations in American history. It is projected that by 2026, Gen Z will be the largest share of the U.S. consumer population, surpassing millennials by 2 million.
The Generation Z age range is between 10 and 23 years old, with the oldest members entering the workforce. This group is considered the most diverse in United States history. Gen Z is known for being digital natives, having grown up with the Internet and smartphones—the majority using smartphones for an average of three hours per day.
Witnessing their parents’ struggles through the Great Recession has made many members of Gen Z concerned about future finances and personal financial stability. As a result, this group is taking action to avoid debt and establish savings accounts.
Although Gen Z and millennials share some similarities, there are distinct differences that separate the two groups. Gen Z is noted for being independent, hardworking, and highly educated, preferring job stability and financial incentives. These individuals are also concerned with issues of equality and are interested in working for organizations that prioritize such. Furthermore, multitasking, face-to-face communication, and the use of collaborative tools are prevalent workforce characteristics of this group.
While much is yet unknown about the Gen Z workforce, early research provides insight into how to engage and retain these young professionals. Providing job stability, clear financial incentives, and promoting equality are essential steps for companies looking to attract and retain Gen Z workers.